Excel Maritime Docks In Ch. 11 With Lenders' Backing

Law360, Chicago (July 2, 2013, 3:45 PM EDT) -- Dry bulk shipper Excel Maritime Carriers Ltd. filed for bankruptcy in New York on Monday after getting its lenders on board with a prepackaged reorganization plan that will inject $80 million of much-needed capital into the business.

The Athens, Greece-based company listed $2.7 billion in assets against $1.1 billion of debt in its Chapter 11 petition, joining a host of other shipping firms that have sought court protection in recent years complaining of plunging charter rates and vessel oversupply.